European Stocks Close Lower as Tech Sector Drops

European stocks dropped on Tuesday, mainly due to large losses by the tech sector that echoed the decline of tech stocks in Wall Street across the Atlantic.

The pan-European STOXX 600 index fell by 1.5%, with the technology sector losing about 3.8% in its worst daily performance since October 2020.

In Frankfurt, the German DAX benchmark index saw the biggest losses and plunged by 2.5%.

The French CAC40 closed lower by 0.89%, while the UK’s FTSE100 lost 0.67%.